Now showing items 1-10 of 175
No Pain, No Gain: Market Reform, Unemployment, and Politics in Bulgaria
(2003-05-15)
In 1997, a new center-right government came to power in Bulgaria with a mandate to accelerate market reforms. By the time of the next elections in 2001, 75 percent of GDP was produced in the private sector, compared to 45 ...
A re-examination of the Purchasing Power Parity using non-stationary dynamic panel methods : a comparative approach for developing and developed countries
(2003-04-02)
The aim of this paper is to apply recent advances in the econometrics of non-stationary dynamic panel methods to examine the robustness of the PPP concept for a sample of 73 developed and developing countries. Our ...
The Reorientation of Transition Countries’ Exports: Changes in Quantity, Quality and Variety
(2003-11-01)
The paper analyzes the factors behind the reorientation of transition countries’ exports to their non-traditional partners outside their former block. First, the amount of reorientation is calculated using a gravity model. ...
Democratization’s Risk Premium: Partisan and Opportunistic Political Business Cycle Effects on Sovereign Ratings in Developing Countries
(2003-02-01)
We use partisan and opportunistic political business cycle (“PBC”) considerations to develop a framework for explaining election-period decisions by credit rating agencies (“agencies”) publishing developing country sovereign ...
Institutional Subversion: Evidence from Russian Regions
(2003-07-15)
What are the effects of institutional subversion on small business development, fiscal policies, economic growth, and firm performance? This paper provides an empirical investigation of institutional subversion in Russia’s ...
Dividend (Vol. 34, No. 2, Fall, 2003)
(Graduate School of Business Administration, University of Michigan, 2003)
Credit Market Disequilibrium in Poland: Can We Find What We Expect? Non-Stationarity and the “Min”Condition
(2003-06-01)
This paper presents an empirical investigation of the disequilibrium hypothesis on the Polish loan market in the 1990s. Using data over this period of deep transition, we estimate a disequilibrium model with a standard ...
Banks-Firms Nexus under the Currency Board: Empirical Evidence from Bulgaria
(2003-04-01)
This study analyses bank lending in the larger context of bank-firm relations within the Bulgarian specificity of currency board. It focuses on the ‘intersection’ of credit supply and demand on the side of banks and firms ...
Institutional Change and Firm Creation in East-Central Europe: An Embedded Politics Approach
(2003-02-01)
A central debate about the transformation of post-communists countries is how the process of institution building impacts firm restructuring and creation. This debate has largely been dominated by approaches that emphasize ...